Elliott Wave Analysis For GBPJPY and USDCAD Intraday

Usually you will see XXX/JPY pairs trading in the same direction as stocks.
Well, stocks turned sharply up in this week so looking even higher on yen crosses
makes sense. Below we have GBPJPY which in fact has a nice bullish structure
because of five waves from the low followed by a complex corrective decline
that is still in progress now, but part of a bullish trend. We see support
at 170.00-170.50

GBPJPY 1h Elliott Wave Analysis

Bad Retail Sales data from Canada and good CPI from the US caused a nice pop-up
on USDCAD that can be heading higher now with impulsive price action but we
want a daily close price above 1.1294 to look for a rally back to October highs.

Grega is based in Slovenia and has been involved in markets since 2003. He
is the owner of www.ew-forecast.com,
but before that he was working for Capital Forex Group and TheLFB.com. His
feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com,
Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com,
etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016.
At www.ew-forecast.com he helps clients
and educate them about the Elliott wave prinicple and how to label and track
unfolding patterns in real time. His approach to the markets is mainly technical.
He uses a lot of different methods when analyzing the markets such as candlestick
patterns, MA, technical indicators etc. His specialty however is Elliott Wave
Theory which could be very helpful especially if you know how to use it in
combination with other tools/indicators.

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